Coinbase, one of the largest cryptocurrency exchanges,based in San Francisco, has revealed that it has hired the former vice president of product at Googleto become their chief product officer. In addition, they also announced the launch of their Custody International to clients in Europe.
Coinbase Hires Former Google VP
Major cryptocurrency exchange, Coinbase, announced on Wednesday, the 29th of January, that it has hired Surojit Chatterjee, the former vice president of product at Google. Chatterjee will serve as the new chief product officer at Coinbase after spending 11 years at Google.
Chatterjee has vast experience in the sector, having worked on payments, adtech and commerce. He was also involved in the development of Google Shopping, a service that is now available in over 90 countries across the globe.
The appointment of Chatterjee filled a role that has been vacant since Jeremy Henrickson left Coinbase in 2018, the company announced. According to the CEO of Coinbase, Brian Armstrong, Chatterjee will focus on ensuring millions of people gain access to the crypto-economy via different Coinbase products.
Chatterjee has been a big fan of cryptocurrencies due to his time growing up in India, where the government controls the banks. The switch to a new currency in India in 2016 caused a stir in the country as everyone was then required to exchange their old money for the new currency via a bank or the post office.Chatterjee stated that cryptocurrencies will not be the answer to all of their problems but that these assets definitely represented a big piece of the puzzle. He went on to say that he was certain that in the same waythat Google revolutionized the internet, Coinbase will revolutionize global financial services.
Armstrong strongly believes that Chatterjee’s 11 years at Google will help Coinbase as they seek to scale their services and make a meaningful impact on the world’s financial system.
Coinbase Launches Coinbase Custody International Inc.
In another development, Coinbase launches its Coinbase Custody International Inc., a European company tasked with handling cryptocurrency transactions in the region. The entity, which is based in Dublin, Ireland, was created due to client demand for custodial services on an institutional level
According to their blog post, their presence in Europe will make it easier for them to operate. The company stated that while Coinbase Custody had already been serving their clients based in Europe, including in Switzerland, German, the UK, the Netherlands and Finland since 2018, having a physical presence in Europe will enable them to now offer localized services using local staff members while ensuring compliance with local laws.
Coinbase Custody has been gaining traction, with a spokesperson for the company stating that assets under their management are now at $8 billion, up from the $7 billion reported in November 2019. The company also confirmed that all staking activities carried out on Coinbase will be moved to Coinbase Custody International. This has opened some questions though regarding the tax implications of staking. This refers to where cryptocurrency holders are rewarded for helping to secure Proof-of-Stake (PoS) networks.
With this international launch by Coinbase, it is clearly evident that they are driven to meet the needs and demands of institutional investors in Europe and beyond.